Emirates and the Gulf airlines are all privately held, essentially state-owned companies. They are all funded by their governments, and they all operate in a non-transparent manner. None of them are publicly listed and none of them release any financial reporting. It is our best estimate that each of those—if you look at the Gulf airlines such as Emirates, Etihad, and Qatar—is significantly financed by their respective governments.
One example is we have some documents that were published in an Australian newspaper that pointed to some of the benefits Etihad Airways was receiving from its government. It was to the tune of billions of dollars. The sponsorships of the soccer teams in the U.K. that have Etihad AIrways on them were actually being paid for by their government. That's something which Air Canada as a public corporation that is fully transparent and receives no subsidy from government really has a tough time competing with. In this regard, that's one of the factors we believe needs to go into the considerations for air transport agreements and bilaterals, and it's one of the factors we think the government has taken into account with the blue sky policy.